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42CL - Magnitogorskiy Metallurgicheskiy Kombinat OAO News Story

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Sector
Basic Materials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £6.44bn
Position in Universe th / 1785

UPDATE 1-EU sets dumping duties on steel from Brazil, Russia

(Adds details on companies and tariffs) 
    BRUSSELS, Oct 6 (Reuters) - The European Union has decided 
to set duties on hot-rolled steel from Brazil, Iran, Russia and 
Ukraine after a complaint by EU manufacturers that the product 
used for construction and machinery was being sold at 
excessively low prices. 
    The European Union will levy anti-dumping tariffs of between 
17.6 and 96.5 euros ($20.6-112.8) per tonne from Saturday, the 
European Union's official journal said on Friday. 
    The European Commission had initially proposed setting a 
minimum price - of 472.27 euros per tonne - but revised its 
proposal after failing to secure backing from EU member states. 
    Among the companies subject to tariffs were the Brazil arms 
of ArcelorMittal  MT.AS  and Aperam  APAM.AS , both of which 
also produce in Europe, Companhia Siderugica Nacional 
 CSNA3.SA , Usinas Siderugicas de Minas Gerais  USIM5.SA  and 
Gerdau  GGBR4.SA  - at rates between 53.4 and 63.0 euros per 
tonne. 
    Iranian steel would be subject to a duty of 57.5 euros per 
tonne and Ukraine's Metinvest Group  METIV.UL  60.5 euros. 
    Rates for Russia producers varied from 17.6 euros for PAO 
Severstal  CHMF.MM , 53.3 euros for Novolipetsk Steel  NLMK.MM  
to 96.5 euros per tonne for MMK  MAGN.MM . 
    The Commission also ended its investigation into Serbian 
steel imports without proposing measures. 
($1 = 0.8553 euros) 
 
 (Reporting by Philip Blenkinsop; editing by Robert-Jan 
Bartunek) 
 ((philip.blenkinsop@thomsonreuters.com; +32 2 287 6838; Reuters 
Messaging: philip.blenkinsop.thomsonreuters.com@reuters.net)) 
 
Keywords: EU STEEL/TARIFFS
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